Author Topic: meet "Beam" - a new high APY fdic insured bank  (Read 19536 times)

Online ExGingi

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #20 on: August 25, 2017, 03:57:10 PM »
Would love to get 2-4%, but is it really possible for them to afford that?

Here's my take:

1. They think they can make serious money with the funds they are borrowing at 2%-4%.
2. In order to have any kind of FDIC insurance, capitalization needs to be adequate, and a substantial percentage must be in Tier 1 assets.
3. On paper they have a plan than could make it work in theory. Which presumably makes so much on #1, despite having to keep a substantial amount in #2, even after figuring out the losses they will incur on #1.
4. Everything might work until it doesn't. Website is very sketchy with information.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline incendia

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Offline henche

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #22 on: September 03, 2017, 09:37:12 PM »
Here's my take:

1. They think they can make serious money with the funds they are borrowing at 2%-4%.
2. In order to have any kind of FDIC insurance, capitalization needs to be adequate, and a substantial percentage must be in Tier 1 assets.
3. On paper they have a plan than could make it work in theory. Which presumably makes so much on #1, despite having to keep a substantial amount in #2, even after figuring out the losses they will incur on #1.
4. Everything might work until it doesn't. Website is very sketchy with information.

If it's fdic, whor cares

Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #23 on: September 03, 2017, 11:12:53 PM »
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Dan

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Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline sillypainter

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #25 on: September 04, 2017, 10:55:51 AM »
November, nice.
Hope this pans out.

CEO Name rings Jewish. His name is Yinan.

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #26 on: September 04, 2017, 11:38:12 AM »
CEO Name rings Jewish. His name is Yinan.
Interesting ring. Reminds me of a famous joke about how Chinese people name their children.

https://www.techinasia.com/24quan-in-trouble-ceo-du-yinan-responds
I've been waiting over 5 years with bated breath for someone to say that!
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Offline shmueli2007

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #27 on: September 05, 2017, 12:47:10 AM »
Firstly, all banks are about to raise interest rates after the next or so fed Meeting. Secondly to all the doubters, IMO this is not terribly different as to what Robinhood has done to the investing world.
Sammyboy - All Trump All the time.

Offline avremie

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #28 on: September 05, 2017, 02:56:44 PM »
Firstly, all banks are about to raise interest rates after the next or so fed Meeting. Secondly to all the doubters, IMO this is not terribly different as to what Robinhood has done to the investing world.
are you suggesting Robinhood might be a scam or that this bank figured out how to minimize cost?

Offline Dan

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #29 on: October 22, 2017, 11:47:30 PM »
And updates on when this will launch?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #30 on: October 23, 2017, 06:05:03 AM »
Remember that FDIC is capped at $250k/account
״וזה כלל גדול: שישנא אדם כל דבר שקר. וכל מה שיוסיף שנאה לדרכי השקר – יוסיף אהבה לתורה.״ - אורחות צדיקים

Offline incendia

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #31 on: October 23, 2017, 08:56:27 AM »
Remember that FDIC is capped at $250k/account

Its per a person per a bank

Offline Emkay

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #32 on: November 30, 2017, 07:11:27 AM »
I'm sure y'all received it but here's an update.

"Dear Beam-lievers,

Today we are here to update you on the status of our product development and launch timeline for Beam. 

The banking domain is one of the most complex domains to get into, not to mention to innovate and to offer new products and services. This complexity is manifested in legal, regulatory, security, technology, servicing and a plethora of other dimensions of our business. 

Over the past few months we have been pouring our efforts to bring Beam to you sooner. Nevertheless, due to our resources, we have been unable to be as responsive as we had wanted or move as fast as we had wanted. In short, we have over-committed ourselves to releasing the Beam service to you on or before November. 

Presently this timeline has been pushed back to Q1 2018. We will work to bring you continuous updates from now until then to keep you posted."


Offline henche

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #33 on: November 30, 2017, 11:17:54 AM »
I'm sure y'all received it but here's an update.

"Dear Beam-lievers,

Today we are here to update you on the status of our product development and launch timeline for Beam.

The banking domain is one of the most complex domains to get into, not to mention to innovate and to offer new products and services. This complexity is manifested in legal, regulatory, security, technology, servicing and a plethora of other dimensions of our business.

Over the past few months we have been pouring our efforts to bring Beam to you sooner. Nevertheless, due to our resources, we have been unable to be as responsive as we had wanted or move as fast as we had wanted. In short, we have over-committed ourselves to releasing the Beam service to you on or before November.

Presently this timeline has been pushed back to Q1 2018. We will work to bring you continuous updates from now until then to keep you posted."

It's like sungames for people who were too cheap to invest

Offline hvaces42

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #34 on: November 30, 2017, 05:04:32 PM »
Fed probably made them raise more capital and are limiting their capital to loan ratio to a small number 8:1 or maybe less that makes it too expensive right now.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline henche

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #35 on: November 30, 2017, 05:24:06 PM »
Fed probably made them raise more capital and are limiting their capital to loan ratio to a small number 8:1 or maybe less that makes it too expensive right now.

Uhuh. And they are meeting with the underwriters in London next week

Offline davidrotts63

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #36 on: March 20, 2018, 06:23:13 PM »
And waiting....
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline hvaces42

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #37 on: March 20, 2018, 06:32:18 PM »
And waiting....
Which ancient thread are we gonna bump next?
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Offline davidrotts63

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Re: meet "Beam" - a new high APY fdic insured bank
« Reply #38 on: March 20, 2018, 06:33:38 PM »
Which ancient thread are we gonna bump next?
I just thought about this.....
(should I start a new thread "what happened to beam"? )
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Eliyohu

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